News Formal

British American Tobacco clinches a deal to sell its Russian business

  • 📰 CNN
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 95%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

British American Tobacco has struck an agreement to sell its businesses in Russia and Belarus, the company announced Thursday, more than 18 months after Moscow’s full-scale invasion of Ukraine sparked a mass exodus of Western firms from Russia.

BAT said in a statement that it had entered into a formal sales agreement with a consortium led by members of the management team of its Russian operations. It expects the deal to complete within the next month, it added. “Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets,” the company said. A BAT spokesperson declined to comment on sale price.

The $72 billion company said as far back as March last year, shortly after outbreak of the war, that its ownership of the Russian business was “no longer sustainable in the current environment.” But since then, the Kremlin has made it increasingly difficult for Western companies to withdraw from Russia and obliges them to pay a hefty fee to the government on selling their assets.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tobacco firm BAT sells Russian business to local managementBritish American Tobacco said on Thursday it entered into a deal to sell its Russian and Belarusian businesses to a consortium led by members of BAT Russia's management team.
Source: Reuters - 🏆 2. / 97 Read more »

Alameda County prosecutors seek shutdown of flavored tobacco, synthetic cannabis companyA lawsuit filed by the district attorney’s office alleges Livermore-based Apollo Future Technology “poses a grave threat” to children.
Source: mercnews - 🏆 88. / 68 Read more »

Stocks making the biggest moves premarket: Airbnb, Oracle, American Express and moreThese are the stocks posting the largest moves in premarket trading.
Source: NBCLA - 🏆 319. / 59 Read more »